A businessman wraps up opening a new account and shakes the CSR's hand.

Important Information About Opening
a Legal Entity Account

A new federal rule that will affect the information required to be provided to renew or open a new account, such as a loan, deposit or safe deposit box will go into effect May 11, 2018. All banks will be subject to new rules under the Bank Secrecy Act that will aid the government in the fight against crimes to evade financial measures designed to combat terrorism and other national security threats. Financial institutions are encouraged to implement procedures beforehand in order to test compliance systems. Thus, we expect to begin requesting the new Beneficial Owner information in April.

EACH time an account is opened for a covered Legal Entity, we are required to ask you for identifying information (name, address, date of birth, social security number as well as identification documents) for each individual that has beneficial ownership (25% or more) and one individual that has significant managerial control of the Legal Entity.

If you are opening an account on behalf of a Legal Entity, you will be required to provide the appropriate documentation and to certify that this information is true and accurate to the best of your knowledge. If you have any questions pertaining to this new rule, please call or stop by to see your local Banking Center Manager.

We proudly support all efforts to protect and maintain the security of our customers and our country.


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